Fannie Mae is raising the minimum Fico to 620 from 580. Fannie pricing is also more dynamic (higher score, lower rate), has more restrictive program criteria: 680 needed for PMI, more reserves needed, and more. Count on FHA tightening up as well. Read more. /// Make it good week folks!- Paul
"I'll improve my Fico by paying off my collections" Not necessarily. Your score can actually go down! "A recent paid collection is often worse than a distant unpaid collection". Credit score and repair info.
New FHA condo rules delayed to Dec 7th Implementation of FHA’s new policy for condominium project approval and condo unit financing will be delayed until Dec 7th. Also note that the minimum down payment may go to 5%, and seller concessions eliminated next year.
Rates up a bit "Following bond yields, long-term mortgages rates edged up slightly this week," said Frank Nothaft, Freddie Mac vice president and chief economist.
"Although rates for 5/1 ARMs and traditional 1-year ARMs are around half a percentage point below 30-year fixed mortgages, consumers appear to be seeking the stability of fixed-rate mortgages. Freddie Mac rate surveys
Big rebound in existing home sales Existing-home sales bounced back strongly in September with first-time buyers driving much of the activity, marking five gains in the past 6 months, according to the NAR. Read more.
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